Bitcoin Pioneer Adam Back Joins BTC Treasury Firm’s €15M Raise

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Capital B, a France-based Bitcoin treasury company, said it has raised over €15.2 million (nearly $18 million) to buy more BTC, with Blockstream CEO Adam Back as one of its supporters.

According to the Monday press release, the Euronext Growth Paris-listed company raised €15.2 million ($17.9 million). They’ll utilize the net proceeds (some €14.4 million) to buy an additional 182 BTC for the treasury. The strategic investors include Adam Back and the asset management company TOBAM.

Capital B focuses on the accumulation of BTC as a long-term reserve asset, that is, increasing the number of Bitcoin per share on a fully diluted basis over time. If they buy the planned number of coins, they’d raise the total held to 3,125 BTC.

“The Company thus reinforces its Bitcoin accumulation strategy while continuing to develop the operational activities of its subsidiaries,” the announcement says.

Capital B Holds 25^th Spot Among Top 100

To raise the funds, Capital B issued shares with four share subscription warrants attached to each share (ABSA) at €0.66 per ABSA. The price represents a 1.51% premium with regard to the share’s closing price on Friday, the previous trading day. The warrant maturity term is five years.

The team expects to issue ABSA on May 13, 2026, at the earliest. “In the event that all warrants issued in connection with this transaction were to be exercised, this would result in an additional capital increase of €99.1 million ($116.6 million) through the issuance of 92,155,376 additional ordinary shares,” the company said.

Following the ABSA issuance, Back will hold 13.43% stake in the company, TOBAM will hold 4.2%, and Blockstream Capital Partners will hold 14.4% on an ordinary basis.

Meanwhile, according to BitcoinTreasuries, Capital B is in the 25^th place among the top 100 public Bitcoin treasury companies, currently holding 2,943 BTC. The number one by far is Strategy, with 818,334 BTC in its holdings. It’s followed by Twenty One Capital’s 43,514 BTC and Metaplanet’s 40,177 BTC.

Speaking of which, BTC is up 0.4% in a day and 1.8% in a week, currently trading at $81,129 (Monday morning, 10:30 UTC).